The installation of smart electricity meters in the countries such as US, China, and the UAE to monitor the consumption pattern and manage the energy consumption more efficiently. Also, rising inclination of government towards energy consumption would surge the demand for smart electricity meter through 2025. Moreover, the deployment of smart meters would enable the increased utilization of renewable resources, thereby leading to a rise in the carbon dioxide emissions in the forthcoming period.
According to MarkNtel Advisors’ research report titled “Global Smart Electricity Meter Market Analysis, 2020”, the smart electricity meter market is projected to grow at a CAGR of around 9% during 2020-25. The gradual increase in the sales of electric vehicles has positively impacted the demand for smart electricity meters in the world. According to IEA Global EV Outlook 2019, the global electric car fleet increased 5.1 million in 2018, up from 2 million in the previous year. The installation of smart meters is expected to efficiently manage the charging process of electric vehicles as the smart meters would enable the charging of electric vehicles during off-peak power demand.
Based on technology, the advanced metering infrastructure captured a significant market share in the Global smart electricity meter market in 2019. The advanced metering infrastructure provides two-way communication between utilities and customers in comparison with automated meter reading which delivers one-way communication. The growth in the demand for advanced metering infrastructure technology is due to its advanced features such as the ability to measure real-time electricity use, detect tampering, and identify and isolate outage and monitor voltage. Moreover, the technological advancement in the advanced metering has positively impacted the demand for wireless communication technology for smart electric meters. The IoT optimized cellular technologies such as LTE-M/NB-IoT in the countries such as India and China are anticipated to positively impact the cellular connectivity for smart meters, as stated in MarkNtel Advisors’ research report “Global Smart Electricity Meter Market Analysis, 2020”.
As per MarkNtel Advisors’ study, the key players who acquired a considerable market share in the Global smart electricity meter market include Landis+Gyr, Itron, Wasion, Hexing, Elster, Sagemcom, etc.
“Global Smart Electricity Meter Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and growth opportunities available for smart electricity meter firms across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
Key questions answered in the study